Illinois Mortgage Note
Description
How to fill out Mortgage Note?
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FAQ
Your lender will typically provide you with a copy of the promissory note, along with several other documents, when you close on your home purchase. The lender will keep the original promissory note until the loan is paid off.
In Illinois, a promissory note does not need a notary or witness. The good thing with a promissory note today is that you don't have to contact an attorney to get the template.
So, as a rule of thumb, if someone is on the Deed, they must be on the Mortgage. But just because they are on the Mortgage, doesn't mean they are on the Note.
Promissory Note Vs. Mortgage. A promissory note is a document between the lender and the borrower in which the borrower promises to pay back the lender, it is a separate contract from the mortgage. The mortgage is a legal document that ties or "secures" a piece of real estate to an obligation to repay money.
A promissory note is a written agreement containing the details of the mortgage loan, whereas a mortgage is a loan that is secured by real property. A promissory note is often referred to as a mortgage, but they are separate contracts.
A borrower usually must sign a promissory note along with the mortgage. The promissory note gives legal protections to the lender if the borrower defaults on the debt and provides clarification to the borrower so that they understand their repayment obligations.
Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.
A mortgage note is the document that you sign at the end of your home closing. It should accurately reflect all the terms of the agreement between the borrower and the lender or be corrected immediately if it doesn't.